ABOVE: Corizon Health’s headquarters is in Maryland Farms. // GOOGLE EARTH IMAGE
Prison health care provider Corizon Health has received a $100 million vote of confidence from its owners about a year and a half after being taken over.
Executives with the Brentwood-based company on Tuesday announced that they have completed a deal that lowers their debt by that $100 million. In the spring of last year, BlueMountain Capital Management became Corizon’s largest shareholder in a deal the company said “significantly reduced” its previous debt of about $300 million.
“The successful closing of this transaction strengthens our ability to achieve our mission to deliver premier health care services to our patients in collaboration with our partners,” said CEO Steve Rector, a former Community Health Systems executive who took the reins at Corizon a year ago. “This deal also signals our investors’ confidence in our revitalized leadership team’s ability to achieve our strategic plans.”
Rector added that the investment better sets up Corizon to “accelerate business development and investment opportunities.”
The company does business in about 20 states.